"I wouldn't dispute what Byron said. ...I just don't know that we're in a bull market. We're in a big, major move — but not quite ready for a bull market."

Cashin joked that some traders should listen to Humphrey Bogart's classic lines from Casablanca (1942), in which Bogart's Rick Blaine character says he came to the Moroccan city "for the waters." When his questioner points out that "this is a desert," Bogey shrugs: